Geneva :
EFG International, the Swiss private bank that culled 7 per cent of its wealth managers in the first half of this year, plans to keep hiring in Asia as rivals from Zurich and Geneva target the region.
EFG will increase its 160 member team by as much as 30 per cent over the next three years, Asia chief executive officer Mr. Albert Chiu said in Hong Kong. This follows a 40 per cent expansion since January last year.
"We are determined to raise our profile in the region," said Mr. Chiu, adding that cancelled bonuses at other banks make it a good time to be hiring.
While the wealth of Asia Pacific millionaires slumped 22 per cent to US$ 7.4 trillion last year, their assets will top those of North American millionaires by 2013, according to a survey by Merrill Lynch and Capgemini.
This potential is encouraging Switzerland's biggest private banks, including Pictet & Cie, Julius Baer Group, UBS and Credit Suisse Group, to open offices in the region.
The Zurich-based EFG bank also had office in Singapore, Bangkok, Jakarta, Manila, Seoul and Taipei. EFG won a license in August from the Chinese regulator to open an office in Shanghai before the end of the year.
Asia will be the main "driver" of growth in private banking, Credite Suisse's wealth management heal Walter Berchtold said.
The Zurich based bank has been hiring "experienced" private bankers in Asia this year after luring 2.6 billion francs of net new money in the region during the first quarter.
Hong Kong and Singapore are closing the gap on Switzerland as private banking centers as they develop financial infrastructure and secrecy safeguards, said Mr. Chiu.
"I'm confident the day will come when we will be at least a close competitor of Switzerland," said Mr. Chiu.
(Bloomberg/Today Online-Singapore)EFG will increase its 160 member team by as much as 30 per cent over the next three years, Asia chief executive officer Mr. Albert Chiu said in Hong Kong. This follows a 40 per cent expansion since January last year.
"We are determined to raise our profile in the region," said Mr. Chiu, adding that cancelled bonuses at other banks make it a good time to be hiring.
While the wealth of Asia Pacific millionaires slumped 22 per cent to US$ 7.4 trillion last year, their assets will top those of North American millionaires by 2013, according to a survey by Merrill Lynch and Capgemini.
This potential is encouraging Switzerland's biggest private banks, including Pictet & Cie, Julius Baer Group, UBS and Credit Suisse Group, to open offices in the region.
The Zurich-based EFG bank also had office in Singapore, Bangkok, Jakarta, Manila, Seoul and Taipei. EFG won a license in August from the Chinese regulator to open an office in Shanghai before the end of the year.
Asia will be the main "driver" of growth in private banking, Credite Suisse's wealth management heal Walter Berchtold said.
The Zurich based bank has been hiring "experienced" private bankers in Asia this year after luring 2.6 billion francs of net new money in the region during the first quarter.
Hong Kong and Singapore are closing the gap on Switzerland as private banking centers as they develop financial infrastructure and secrecy safeguards, said Mr. Chiu.
"I'm confident the day will come when we will be at least a close competitor of Switzerland," said Mr. Chiu.
Posts
No comments:
Post a Comment